Shares in some of the world's biggest reinsurance companies took a pounding on fears that the earthquake in Japan and the subsequent tsunami will cost them dearly.
By early afternoon on Friday, they were leading many of Europe's major stock indexes lower.
Shares in Swiss Re were down 5.8 percent, Munich Re were off 5.4 percent and Hannover Re fell 4.7 percent. The companies issue backup insurance to primary insurers so that the system can cover large losses from disasters. Hannover Re already said last week it expected to pay out 150 million ($207 million) for the earthquake that hit New Zealand.
The impact on the companies depend on many factors, such as how much of the damage was insured by them and how much they charged for coverage.
Stock futures drop on Japan quake, oil below $100
Special 
